Four out of the last five days corn futures have lost ground giving up nearly 40 cents after failing at their highs near $5.20/bushel in the July contract. Today the 50 day MA (blue line) was breached for the first time since late January. Future settled just below their 38.2% Fibonacci level . Though the […]
The story for months has been slack demand for Agriculture and increasing global production. Hence wheat currently trading under three year lows and corn trading under 2 year lows. Soybean oil has not escaped the black cloud that has been hanging over this sector either as seen on chart below clearly there has been a […]
The easy money has been made on November soybeans longs in my opinion. I am not calling for a top and do think futures will work higher but the risk is increased as futures have advanced 19% in the last three weeks lifting futures near 11 month highs. Perhaps a better play is buying other […]
May soybean futures at the Chicago Board of Trade are presently in a two-week-old price uptrend on the daily bar chart. Prices Tuesday poked to a fresh four-week high. May soybeans have recovered around 60 cents a bushel from the February 4 low of $9.11. Looking back, it appears that the seasonal “February Break” phenomenon […]
May soybean futures on the Chicago Board of Trade on Thursday hit a fresh 10-week high of $10.30 3/4 a bushel. A bullish USDA supply and demand report issued Thursday morning combined with bullishly postured “outside markets”–solidly higher crude oil and stock index prices and a weaker U.S. dollar–to propel soybean futures higher. Bulls have […]
November soybean futures are in a steep price uptrend and just Tuesday hit a fresh six-week high. Prices have also recently pushed above major psychological resistance at $9.00 a bushel. The next upside price objective for the bean bulls is to produce a close above strong technical resistance at the contract high of $9.49 1/2. […]
July soybean futures at the Chicago Board of Trade on Wednesday gapped lower on the daily bar chart and hit a fresh three-month low of $7.29 a bushel. Near-term chart damage has been inflicted upon the soybean market recently, and prices are in a two-month-old downtrend from the late-February contract high of $8.22. However, July […]
May soybean futures at the Chicago Board of Trade are still in a solid price uptrend from the autumn 2006 low. Prices have backed off recently on some profit-taking pressure, but the bulls still have the overall near-term and longer-term technical advantage. On Wednesday May soybeans did hit a fresh three-week high of $7.73 a […]
In setting up this trade we are looking to take advantage of a prominent support level near 575 which gives us an entry point very close to our sell stop, thus keeping our downside risk minimal. As the possibility of a short term pullback is quite plausible we recommend buying a short term at the […]
